Corn futures are unchanged to 2 cents lower at midmorning.
- Corn futures have rebounded from earlier lows though technical resistance and a firmer U.S. dollar are limiting momentum.
- Early frosts expected in the coming days could affect Argentina’s 2024-25 corn harvest, the Buenos Aires Grain Exchange said it in its weekly crop report on Thursday. The areas most likely to be impacted are the center, west and south of Buenos Aires and La Pampa.
- The USDA attache in Brazil sees continued growth in Brazilian corn production, estimating 2025-26 (next year’s production) rising to 130 MMT. That would be up from 126 MMT in 2024-25 but still below record production in 2022-23 of 137 MMT. Both domestic use and export use in Brazil are growing, keeping stocks tight and prices high, enticing plantings.
- May corn futures are being limited by the 20-day moving average of $4.75 1/4, while support is layered at the 200-day moving average of $4.53 1/4 and again at $4.49 1/4.
Soybeans are 28 to 30 cents lower, while soymeal futures are around $3.50 lower. Soyoil is around 160 points lower.
- Soybean futures have turned from earlier lows but continue to face notable pressure after China’s retaliation to President Trump’s ‘Liberation Day’ tariffs.
- China’s finance ministry said it will impose additional tariffs of 34% on all U.S. good starting April 10 as a countermeasure to sweeping tariffs imposed by President Trump, which equate to a 54% tariff on Chinese imports. Beijing also announced it is adding several U.S. entities to an export control list and classifying others as an “unreliable” entity, as well as limited exports of rare earths, materials critical to EVs and defense.
- May soybeans have edged to a fresh near-term low, with support serving at the Dec. 19 low of $9.55 1/2, while resistance stands at the 10- and 20-day moving averages.
Winter wheat futures are 8 to 11 cents lower, while HRS futures are 6 to 8 cents lower.
- SRW wheat futures are under pressure but are holding losses within the recent range of consolidation, with support stemming from last week’s low.
- Freezing temps are still expected in U.S. HRW wheat areas Sunday with some frost and light freezes occurring in portions of the region Saturday and again Monday, according to World Weather Inc.
- A much-needed precip event will impact the Texas Panhandle and Oklahoma today through Saturday, which will induce a notable rise in topsoil moisture. However, World Weather Inc. notes the improvement will be temporary
- May SRW futures continue to face resistance at the 10-day moving average of $5.36 3/4, while support lies at the recent low of $5.17 1/2.
Live cattle and feeders are marking heavy losses at midsession.
- Nearby live cattle futures are posting heavy losses as the marketplace leans risk-off amid continued trade uncertainty.
- Cash cattle trade remains light at weaker prices, averaging $210.00 so far.
- Wholesale beef values dipped on Thursday, with Choice down $1.53 to $338.37, while Select dipped 99 cents to $317.84.
- April live cattle gapped lower at the open and are facing support at $204.38, while resistance stands at the 10-day moving average of $207.81.
Hog futures are posting sharp losses at midmorning.
- Nearby lean hogs are edging sharply lower as demand uncertainty rings across the marketplace.
- The pork cutout value rebounded $1.11 on Thursday to $94.81, led by strength in primal loins and butts. Movement totaled 347.8 loads.
- April lean hogs are trading mostly between the 10- and 20-day moving averages, currently trading at $87.09 and $86.87.